After Vedanta-Foxconn, PhonePe to exit Maharashtra

In a major development, PhonePe is  shifting its registered office from Maharashtra to Karnataka.PhonePe is the ₹690 crore UPI app owned by Walmart announced. The shift of its registered office to from Maharashtra to Karnataka could be to claim local tax benefits there and is potential revenue loss for the state.

After its failure to retain Foxconn-Vedanta, and bringing the Bulk Drug Park gto Raigad, PhonePe too is moving out of the state, ” said Mumbai Congress chief Bhai Jagtap. He blamed the Shinde-Fadnavis government for running to Delhi to take orders instead working in the interest of Maharashtra. Rohit Pawar, NCP MLA and grandnephew of party chief Sharad Pawar, said that important projects were being shifted to neighbouring states one by one to neighbouring states at Maharashtra’s cost. “In spite of the fact that Mahrashtra contributes the most to the country’s exchequer, its young population was being deprived of jobs,” he said.